Coinbase seems to have given its full support to Bitcoin Cash (BCH) so that it can be traded in terms of selling and buying. Under this, all Bitcoin users will receive an equivalent amount of Bitcoin Cash as their amount in the Bitcoin wallet for trading. Further, this trading can also be done on Coinbase’ institutional-focused exchange GDAX as well.
With the announcement of Bitcoin price falling as low as $14,000, which has now stabilized at $16,600, the Bitcoin Cash has seen an uprise by 50% and is currently trading at $ 3,300. Bitcoin Cash came in the market as a result of the sudden cancellation SegWit 2x earlier in this year.
Initially, it was seen that Coinbase had declined its support from Bitcoin cash, but have now changed their viewpoint from August. But with their declaration of full support towards Bitcoin Cash, the financial world is taken aback. Coinbase stated that before supporting fully, they had taken into consideration several aspects of market price, security, etc. of Bitcoin Cash.
Even in the future, Coinbase aspires to support several other cryptocurrencies. So it is now estimated that cryptocurrency will form the third largest currency in the mainstream economy. For smooth functioning of Bitcoin Cash, Coinbase has formulated certain guidelines which will start operating from next year.